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Wheat futures led losses as grain and soy futures extended this week’s declines overnight.

Basis for both corn and soybeans dropped over the past week but remained positive and above average.

“Total gasoline inventories are lower today than they were last year when EPA issued waivers to address the nation’s fuel supply,” the organizations wrote.

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Concerns with the commodity price outlook and interest rates weakened farmer sentiment.

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Corn and soybeans are expected to trade lower. Wheat futures are called firmer, though spillover pressure will limit buyer interest.

Wheat futures were supported overnight by the bigger-than-expected decline in crop condition ratings, while corn and soybeans faced mild selling pressure.

The HRW CCI rating is well below last fall and year-ago. The SRW rating is above both last fall and last year.